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An influential factor in increased risk exposure is the complexity of modern business. Higher complexity also indicates that new risks will be created or existing risks will change, preventing firms from achieving their goals. Organizations are changing their risk management strategies more frequently to keep up with the changing business climate and address the environment’s complexity, which helps them stay relevant and prove their value. To survive in a cutthroat economic environment, organizations now see risk management through a “Compliance” lens and as a value driver.
Successful businesses, among others, prioritize proactive risk management and prompt self-adaptation to shifting market conditions. Companies focus on risk management efforts because rewards are plentiful.
In this edition of the Top Exceptional Leaders in Risk Advisory Services 2023, we include some of
the newest risk management trends that, in the upcoming years, will impact commercial outcomes across all industry sectors. A few of them are Technology as a risk factor and a tool for efficient risk management, Combining risk management with strategic planning, Treasury as a strategic business associate, Data-driven risk management using risk analytics, increased involvement of the board in developing risk management plans, Focus on emerging risks, Increased regulatory standards for compliance.
Risk management mainstreaming enables businesses to play a more offensive role. Enterprises consider risk management a value addition rather than just minimizing risk. Successful companies see risk management as a strategic link in their value chain that fosters innovation and long-term, sustainable growth.
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The trajectory of the rise of MGC Global Risk Advisory (‘MGC Global’ or ‘the organization’) is a testament to its commitment to the vision with which it was founded. The inspirational driver for its people has been a sense of purpose that has served as a concrete source of their motivation. Clarity of communication has made their connection between purpose and performance, clear & strong. Fast-tracked growth has demonstrated the proof of concept of its unique culture for the team and kept them progressing together. Customization of experiences for each client with a personal touch and a focus on value creation has been rewarded by these clients in terms of the growth and longevity of their relationship with the organization. In a relatively short span of time, MGC Global has become synonymous with risk advisory services.
The corporate sector has witnessed significant turbulence over the past few decades, characterized by several unprecedented changes and challenges. These have emanated from a multitude of factors that include geo-political unrest, technological advancements, globalization, changing consumer expectations, disruption, regulatory changes and shifting workforce dynamics. The precariousness of the scenario thus underlined has led to an increased demand for transparency and accountability in the public, private and government sectors. Against this backdrop, MGC Global was established in 2015 by Monish Gaurav Chatrath to facilitate organizations in unlocking the true value of their business, through good governance and strong risk management systems. While the size of the global consulting industry at that time was estimated to be at around US$ 200 bn, risk advisory services as a segment was one of the smallest components of the same. However, the founder of MGC Global, had the foresight to identify this vertical as the most significant growth driver in the times ahead due to the increasing complexity of business operations and the growing awareness of potential risks associated with them. With offices in New Delhi, Bengaluru and Mumbai and global aspirations, MGC Global opened its doors for business in September of 2015 with the vision to be “the best providers of risk advisory services wherever it operates”.
Fast forward to the present and MGC Global has established itself as a leader in the field of risk advisory services with specialized teams undertaking a comprehensive range of engagements. These include conducting internal audits, developing enterprise-wide risk management frameworks, undertaking control assessments, providing forensic services, enabling data protection & institutionalizing privacy programs, developing cyber risk mitigating frameworks, supporting in human capital risk
management assessments, providing IT advisory (including ISO 27001 readiness, vendor risk assessments, vCISO services and VAPT), and of late CSR and ESG advisory services.
With associate arrangements in all major cities in India, MGC Global has built capabilities within a diversified set of services and is catering to the risk advisory requirements of its clients across the country. Over the past 2 years, MGC Global has become the first port of call for reputable CPA
I was so motivated by the power of our vision and driven by the courage of conviction, that failure was never an option. We have faced strong headwinds, which would have destroyed several organizations. However, we were determined to move forward regardless. We retained our unwavering sight on our goals, did not allow ourselves to get derailed and kept climbing higher. We never gave up. In the process, we have built a resilient, versatile and responsive organization that differentiates itself based on value and experience - for our clients & for our people.
and consulting organizations in the US, Europe, Middle East and Far East Asia to support the seamless delivery of their risk advisory engagements in their jurisdictions and across the globe.
MGC Global fosters knowledge sharing and collaboration through the utilization of platforms provided by way of being a direct and independent
member firm of the Atlanta headquartered US$ 5 bn Allinial Global (‘AG’). MGC Global’s strong involvement and participation in AG’s ‘Communities of Practice’ encourage exchange of ideas and best practices with 261 member firms in over 100 countries. The Managing Partner of MGC Global is currently an active position holder on the EMEIA
Membership Committee of AG and also a founding leader of its community of practice for internal audits and internal controls.
Values that guide the Organization
“The true strength of our character has been demonstrated in our relentless pursuit of the desired outcomes and not obstacles. The MGC Global brand
experience for our clients entails personal responsibility, accountability, responsiveness, independence, integrity & competence; & all of these come with long-term commitment”, says Ruchi Dadwal, Vice President, Shared Services who has been with MGC Global since its inception and along with the organization, will be celebrating her 8th anniversary this year. Ruchi is an innovative and
high-performing professional, an influential communicator and serves as a member on the POSH committees for several of MGC Global’s clients.
The organization places paramount importance on building qualitative and sustainable relationships of trust with its clients, regardless of their individual account size. The impact of this philosophy is best illustrated in the
words of one of MGC Global’s clients – “So far, my fateful introduction to you and the MGC Global team has been an immeasurable blessing. I want to keep the engagement going. I want to keep it going until I have blessed MGC Global equally”.
The focus on meeting and exceeding its clients’ expectations is best measured through the conduct of regular client satisfaction, feedback surveys and testimonials. As stated by Sarthak Taneja, Associate Partner, “My WOW moment for MGC Global is not when a client signs our proposal, rather when we get feedback like this after the work is done”. Sarthak has developed a successful SOC readiness and compliance practice for MGC Global and is a key member of its leadership team.
The culture at MGC Global MGC Global does not have the traditional or typical hierarchical layers that have accumulated in several of their competing organizations over time. This has enabled the organization to facilitate teamwork, with relatively faster information flows, and consequently, greater flexibility to respond to its client’s requirements. The high level of transparency at MGC Global mitigates risks relating to destructive organizational politics and encourages collaboration. Teamwork is key and operating in silos or politicking is not an option in the organization. This culture percolates from the top, with the Managing Partner and his leadership team walking the talk and ensuring that all team members are equal stakeholders in the organization, who must be given unique opportunities to realize their true potential. Mutual respect, transparency and cohesiveness at the workplace are essential ingredients of its culture and each member of the team is encouraged to develop and hone diversified skill sets, experience, and qualifications. MGC Global’s team is bonded by a common vision,
mission, goals, values, principles, beliefs, and expectations. The Managing Partner has an open-door policy where he is accessible to any member that may require his mentoring.
MGC Global’s corporate culture is characterized by a friendly environment that provides security, creates a sense of belongingness and promotes recognition with progress on the basis of merit alone. “My vision for the organization and its people is to make MGC Global the best place to learn & grow”, says Shweta Verma, Director Human Capital, who works closely and directly with the Managing Partner. Shweta adds that, “MGC Global’s brand experience is people-centric and entails respect for individuals, independence, entrepreneurship, teamwork, agile structure, fast growth and individual identity”. She has been working with the leadership team in discovering finer aspects that motivate individuals at MGC Global, while tapping their skills and enhancing their performance & growth.
The leadership team at MGC Global realizes that their conduct has a significant impact on the culture and consequently embodies the values that they would want their teams to inculcate, while demonstrating the same through constant reinforcement and clear communication. The hiring process also takes a candidate’s cultural fit into account by conducting behavioural assessments and thorough reference checks.
MGC Global ensures that each member is kept enthused through initiatives such as celebrating occasions (personal birthdays, anniversaries, special occasions and client recognitions) and places special attention on recognizing the efforts of each member of its team on various social media platforms thereby showcasing their potential to the larger industry. Regular team get-togethers in a relaxed environment (virtual and in person) ensure that each team member is encouraged to discuss his/her thoughts and perspectives freely. MGC Global enhances interaction by engaging its people on a common group chat, having monthly town halls and annual offsites.
The organization’s Managing Partner had recently, in a townhall promoted the concept of entrepreneurship versus that of an employment model. In accordance with the same, each member is encouraged to take ownership of their tasks with the freedom to build and run verticals in their areas of specialization where they have control over decision-making, strategy, and the intended direction of their actions. Team members are encouraged to provide their inputs and feedback and to bring their innovative ideas to life with the flexibility to set their schedules while working on projects that pertain to their areas of interest.
“I make it a point to engage with my team in a way that they can contribute to the decision-making and problem-solving process. This has enabled inclusivity and ownership, which in turn has facilitated responsiveness to the requirements of our clients”, says Arun Sundar, Associate Partner and Leader of the South India Market, who has been with the organization for nearly 3 years.
Arun’s words have been echoed in the sentiments of one of MGC Global’s clients who has stated, “We had used MGC Global to assist us in our internal control reviews of the ‘Consumer Engagement’ Program. Their team did a good job and came up with some relevant findings. They demonstrated a thorough understanding of the rather complex process and maintained documentation that ensured quality discussions with the stakeholders. They also ensured timely closure of the review, which is again appreciated”. Arun has been instrumental in launching and developing the forensic and SOX practice for MGC Global and has successfully built lasting relationships with various CPA firms in the US that use the organization’s resources for their engagements from time to time.
Training and personal development is a strong area of focus for MGC Global and this aspect has also been given special attention during the appraisal process. The organization encourages members of its team to engage in continuous learning and professional development by providing access to relevant training resources, certifications, and
educational opportunities via inhouse trainings, online training programs, e-modules and workshops, while laying emphasis on the importance of staying updated with industry trends and acquiring new skills to adapt to the evolving risk landscape.
The organization regularly solicits feedback from its people by way of a secure feedback mechanism and through regular interactions with its Human Capital Team to measure its progress on the consistent application of its code of business conduct and culture. MGC Global acknowledges the contributions of the team towards the organization’s success by way of awards such as, ‘First Amongst Equals’ and ‘Ubharta Sitara’, with the Managing Partner personally writing to the recipients and their families to congratulate them, which fosters a sense of affinity with the organization.
MGC Global has instituted two-way performance reviews, which ensure that members of its team not only receive regular feedback about their performance but are also given the opportunity to provide feedback to their supervisors, anonymously if they so choose thereby ensuring transparency that is the hallmark of a successful organization.
All engagements are led by the best-suited practice leaders, in terms of their experience, skill sets and cultural fitment with the respective clients. Each practice leader is closely
engaged in monitoring the progress by virtue of discussing the weekly updates that are sent to all clients on ongoing engagements. According to Surender Sharma, Practice Director, “Each client is unique, as are their requirements and this encourages us to think out of the box in order to individually tailor solutions by way of a need-based approach”. The organization’s delivery model requires the designated teams to obtain a deep understanding of the industry and business models of their clients, in addition to objectives of the engagement, the risk appetite and organizational culture within the client organizations. This aids in providing relevant insights and in developing and implementing effective risk management strategies. Surender has also assumed the responsibility of developing and leading MGC Global’s ESG services and has obtained excellent feedback on the CSR impact & community needs assessments and in the ESG roadmaps that have been developed by MGC Global for its clients.
“We understand that satisfying clients and fostering long-term relationships is vital for sustainability and therefore we believe in providing value by proactively addressing client needs. Moreover, we strive to make a difference with our ongoing thought leaderships, that summarize significant industry-wise developments and best practices” says Mahima Singh, Manager, Shared Services & the AG Champion for the organization. MGC Global’s thought leaderships are meticulously created to retain a lasting impact and are backed by extensive research & expert perspectives. The organization has, over the years, built up a repository of knowledge through its inhouse research wing (one example being the 'MGC Global Business Continuity & Resumption Barometer’). Its bespoke thought leadership alerts that go out to over 6,000 of its contacts (who are mostly CEO’s, CXO’s and finance heads), provide thought-provoking analysis of industry developments with best practices relevant to their business.
Mahima’s role as the AG Champion of the organization translates to representing it on a larger platform amidst a global network of member firms. AG believes in the spirit of learning through dialogue and engagement between member firms, hence it gives them the opportunity to remain connected with like-minded professionals via the communities of practices that are virtual groupings formed for the multi-purposes of networking, engaging in discussions, exchanging best practices, tapping business opportunities and collaborating between member firms. Staying connected with experts enables MGC Global’s team members to remain up to date with field-specific best practices and equips them to adapt their strategies and offerings to align with their individual client situations & requirements.
MGC Global places importance on staying informed of the existing as well as upcoming technological tools, trends and software that are relevant to its services. According to Kirti Kumar Salunke, IT Risk Advisory Leader, “We take informed decisions that provide valuable insights to our clients by leveraging data analytics tools and techniques to analyze large volumes of data and identify patterns, trends, and potential risks. Our team has been carefully trained to explore automation and artificial intelligence technologies to streamline repetitive tasks, improve accuracy, and free up time for higher-value activities.”
MGC Global is in the process of creating a digital platform for risk management solutions that would empower its clients to manage and monitor risks effectively by integrating tools for risk assessment, risk tracking, incident reporting and compliance management.
Awarded for service excellence and being a people-centric organization, MGC Global was recognized as amongst the 10 Most Promising Risk Advisory Services Firms’ in 2017, as the ‘Company of the Year’ in 2018 &, 2019’ (both in the category of risk advisory services), one of the ‘Top Exceptional Companies to Work For’ in 2020, amongst the ‘Top 25 Customer Centric Companies’ in 2020 and ‘The Consultant of the Year’ in 2021 (in the category of risk advisory services).
Moreover, the Managing Partner has been acknowledged to be one of ‘India’s 50 fastest growing CEOs’ in 2017, ‘India’s 30 Most Trusted CEOs’ in 2018 and ‘Formidable Leaders of 2022’.
The 21st century is all about sustainability. MGC Global, has in pursuit of its goals, demonstrated how a sustainable business model can be built through a sound strategy that focuses on impactful differentiation on the core factors that appeal to its stakeholders, which includes its clients and people.
Nikhil Sharma CEO BIG WATER CONSULTING
Nikhil Sharma, a seasoned professional in the corporate world, holds the esteemed position of CEO at Big Water Consulting, a thriving multinational company based in Belgium. Known for his strategic acumen, innovative thinking, and exceptional leadership skills, He has been instrumental in driving the company’s growth and success over the years. He has also Co-founded a start-up, www.sharetask.eu, under the BWC umbrella, he is a dynamic leader and team player with 18+ years of IT & IT infrastructure and product development experience working with Fortune 500 organizations towards customer-focused business solutions, innovation, strategy, and execution. His strong customer-centric focus and high-quality-driven approach make him stand out.
One of his key strengths lies in his visionary approach to business. As CEO of Big Water Consulting, he has fostered a culture of innovation and creativity, encouraging employees to think outside the box. He firmly believes that adaptability and forward-thinking are vital in an ever-changing global marketplace.
Under his leadership, Big Water Consulting has embraced cutting-edge technologies, enabling the company to deliver streamlined solutions to its diverse client base. His ability to anticipate market trends and identify growth opportunities has allowed the company to expand its service offerings and extend its reach to new markets.
His journey to becoming the CEO of Big Water Consulting started with a good educational foundation. He pursued a degree in Business & Technology, where he demonstrated in business academic and leadership qualities. After completing his education, he embarked on a career path that showcased his determination and commitment to achieving greatness. He was inclined to understand the software architecture or how the software worked to automate the
work. That allowed him to pursue his career towards software building and solving client’s problem
As a leader, Nikhil Sharma is known for his commitment to excellence. He instils a sense of purpose and dedication in his team, empowering them to deliver high-quality services and exceed client expectations consistently. His focus is on continuous improvement which has resulted Big Water Consulting being recognized in an industry as a trusted IT consulting & service provider, setting benchmarks for others to follow.
At heart, his leadership philosophy is a client-centric approach. He understands that clients are the lifeline of any successful business, and he places great emphasis on building and nurturing strong client relationships. By listening attentively to their needs and challenges. Mr. Sharma ensures that Big Water Consulting provides tailor-made solutions & services that address their specific requirements. His entrepreneurial journey with two start-ups “Elymentz” & “Sharetask” made him understand day-to-day activities, issues, and success from bottom to top management, deal with different cloud infrastructure & high volume of traffic. His main goal is to develop products to solve bigger problems using technology; in contrast, running the company, managing projects, managing teams, building products & implementing, getting feedback, and pivoting it based on client feedback, Budgeting, forecasting, Risk analysis or mitigation allowed him to get to know “how to run a company”.
“I was fortunate to do the start-up where I implemented what I learned,” says Nikhil.
Challenges: The Gift of Growth Wrapped in Difficulty
There were too many hurdles at the company’s start or product development. But he has solution-oriented
personality, looking for solutions and solving problems. He started at 25 when he needed knowledge of building products, evolving technology, budgeting and spending, people management, and critical challenges.
He learned the most from the influential founders of start-ups that are doing well and prosperous and founders who did not do well with their work, learning avenues, and points that could have been better.
“I am a happy person who looks at life with a lot of light in my personal and professional life. To look at things positively and learn from the experiences which could not come to the expectation. Success allows me to take it as a milestone to do better in the next milestone,” assures Nikhil.
BIG WATER CONSULTING (BWC) is an IT consulting & software development company initiated in Brussels, Belgium, in 2012 to provide IT & Business management consulting to its clients. BWC built a business by supporting the delivery of high-quality software and systems quickly & efficiently. BWC focuses on niche domains such as Cyber & IT security, Governance Risk Compliance (GRC), Payment engines, and PSD2 Payment with Open banking in Europe.
BWC Certified Experts in Odoo custom development along with implementation which are gaining applauds in the ERP world
BWC’s is expert in building B2B products with domain focuses on the day-to-day automated task, timesheet, invoices, dispute management, Reminder services, questionnaire, CRM, integrated business application, allowing its user to perform end-to-end work within the application. Horizon
allows its users to make their life easy with complete E2E client processing within the application. The application is integrated with PSD2 to make payments, integrated accounting & book holding services, APIs are open to VAT submission, Governance Risk Compliance (GRC) and more.
BWC’s core mission is to bridge the gap between Business & IT by providing niche services & solutions to their customers and providing the best solution with less turnaround time.
“My key responsibility is making my teamwork comfortable to achieve the goal and objectives, this indirectly helps both in product development and making our clients happy. Happy employees, in turn, happy clients,” says Nikhil.
Nikhil’s Advice on Leadership
“All leaders who are already enthusiastic are doing great, and every leader will find a path according to the situation. Being a leader is a tough job where responsibilities come on your shoulders, but challenges help us become stronger and more resilient,” says Nikhil.
“Recognizing the right resource at the right time and delegating is essential. Allow your subordinates or team to grow and appreciate them, motivating them to use their skills to bring ideas into reality. Shoulder them when it is needed, allow them to fail but correct them whenever it is needed. Show them the pros or cons for the team or subordinates to decide. Finally, enjoy each day as there will always be a solution to each problem. True success is about living a fulfilling and satisfying life,” he continued.
“The most crucial attributes that every leader should possess are “listening and observing,” this will allow each leader to understand the situation better
and know with voice what is going on,” expresses Nikhil.
Dream Big and Achieve Bigger: A BWC’s Future Roadmap
BWC’s success mantra is Dream BIG and Achieve Bigger. BWC is now focusing on its products and services, which is a good evolution; where the company first focused on consulting but now became a product & custom software development company along with services. The company is gaining experience in cutting-edge technologies and making partnerships to become implementation partners of ERP solutions such as Odoo. With the company’s interest, its members are also growing to focus on bringing more business.
“Our upcoming services are dedicated Odoo implementation, custom development, Open banking (Europe), where we enable different banks to open API into our system, allowing its customers (B2B or B2C) to use our platform to integrate payment services,” described by Nikhil.
Conclusion:
Nikhil Sharma’s journey from an aspiring professional to the CEO of Big Water Consulting exemplifies the power of determination, innovation, and exceptional leadership. With his visionary outlook and dedication to excellence, he has guided the company to new heights and set it on a path of sustained success. Under his capable leadership, Big Water Consulting continues to make a significant impact in the business world, leaving a lasting legacy of integrity, innovation, and client satisfaction.
E: Contact@bigwater.consulting / Admin@bigwater.consulting W: www.bigwater.consulting
Future technology will definitely enhance the appliance industry as energy efficiency, water efficiency and personal preference play a bigger part in the choice of products, making the consumer’s life a lot easier. For example, steam irons, in today’s world, will not burn your clothes, no matter what setting you use. Visualise sheets being ironed similar to a printer. You simply put your sheets on a surface, and they will automatically iron themselves without burning - saving so much time for the consumer and making life that much easier.
Heaters currently already sense one’s body heat and they are going to make heating far more efficient and cost-effective. Then there’s the incredible advance in vacuum cleaners and hair dryers by companies like Dyson. Ladies using the Dyson dryer have found that their hair is not damaged and it’s a lot healthier looking.
Vacuuming a home will also not be the chore it currently is. There are already robots with cameras inside them that vacuum around the house. So if you are not at home and you want to check on your children, for example, all you need to do is switch your vacuum cleaner on from your phone. The vacuum will then move steadily around the house and you can see what is going on – remotely.
When it comes to some of the major appliances like washing machines - they already sense the amount of water and detergent you need and will automatically use the correct amounts so there is no waste of water or soap and there is no environmental pollution as a result.
Tumble dryers have always been one of the biggest users of electricity and they are now reaching a stage where they are rated A+ and A++. They dry your clothes efficiently and hygienically without damaging them, at minimal cost.
Refrigeration is probably the most exciting category of all. There are already cameras in certain fridges that allow the consumer to see what they have in their fridge via an app on their phone, so when you are at the supermarket you can look into the fridge and see what you already have and you will only buy what you need. Some fridges are even able to WhatsApp
you and tell you when items are running low, what you have and what’s left. Cold zone fridges have become a huge player in the industry by sensing what food you have in the zone and then the temperature in that zone is adjusted to the correct temperature so that perishable foods like fruit and vegetables will last longer. Odours in the fridge will be eliminated and the temperature settings will ensure that the fridge will run for shorter periods of time and reduce electricity use.
Air-conditioning has already been proved to be the most cost effective way of heating your home. Here again, the air conditioner senses a person’s body heat and adjusts the temperature accordingly. You just set a program and the unit will follow your instructions.
One disadvantage of appliances and electronic equipment generally is the waste factor – like any other industry. However, most governments, including our own, are already actively working to resolve this by breaking the original products down and taking out what can be reused – like plastics, copper and metal. Re-cycling will be an exciting industry going forward.
I believe that all homes will have more effective, efficient appliances in the future because consumers will be able to virtually demand what they want from the product and this will be delivered to them. You will be able to switch your washing machine or tumble dryer on remotely (we can already do this with many other appliances) so it is amazing how much technology has advanced over the last few years.
I believe that the biggest driver is the efficiency of the product and the reduction in the use of water and electricity which will be a big saving for all consumers and at the same time make the product far more efficient, less time consuming for the consumer and more eco friendly.
At Hirschs its been our greatest joy to see the appliance industry grow and evolve and as we begin each new year we cannot wait to see all the new advances in technology and our industry continues to grow from strength to strength.
022 was a terrible year for the stock market. The S&P 500 lost 19.4% in those 12 months, even after accounting for dividends, while the tech-heavy Nasdaq composite lost 33.1%. The reasons behind Wall Street’s decline are well known: Many previously high-flying stocks suffered as the “risk off” mentality took hold of the markets due to rising inflation, skyrocketing interest rates, persisting recession fears, and the Russia-Ukraine war. Thankfully, this opened up a window of opportunity for investors to buy fantastic firms at a bargain as the new year approached.
Each year, GlobalBiz Outlook chooses ten stocks to invest in for the coming year. The top ten stocks to purchase in 2023 are listed below, along with how each performed so far this year, measured by total returns that take dividends into account:
Apple is the world’s largest publicly traded corporation, excluding government-backed behemoths like Saudi Aramco. AAPL shares, like other IT firms, struggled in 2022 as recession worries and skyrocketing interest rates alarmed investors in the industry. Apple shares increased 49.7% in the first half of 2023 after a rare 26.4% decline in 2022, reaching all-time highs and surpassing the $3 trillion mark for the first time in history. The market’s belief in Apple’s wide competitive advantage is reflected in its current valuation of 32 times its profits.
The Apple Vision Pro, a virtual reality headset costing $3,499, was announced as Apple’s newest offering. Investors are betting that some variant of the technology
will emerge as a new source of significant revenue alongside product lines like the Apple Watch and the Mac, even if that price tag will make it a niche product in the early going.
While large, well-known corporations like Apple might provide investors with some security, smaller businesses have more possibility for growth and can strengthen portfolios. Let’s compare Apple to the quickly growing coffee business Dutch Bros, which is approximately 0.2% of Apple’s size yet worth about $4.7 billion. In 2022, revenue increased by a whopping 48.4%. With its origins on the West Coast, Dutch Bros has 716 sites as of the end of March; practically all are in the West and Southwest.
Its drive-thru locations are relatively inexpensive to open due to their tiny footprint, which enables quicker expansion. Numbers support this: Dutch Bros added 133 new locations in 2022, representing a 25% location expansion. The company’s stock started strong in 2023, but shares dropped sharply in early May after a quarterly earnings report that missed analysts’ projections. Through June 30th, shares are up less than 1% yearly.
Next is Citigroup, a roughly $90 billion international bank with retail and investment banking divisions. Citigroup provides two things to investors: First off, in a time of increasing rates and strong inflation, it offers shareholders a decent buffer with a healthy 4.4% dividend yield. Notably, that dividend is long-term sustainable, with Citigroup financing its rewards with less than 30% of earnings. In
addition to paying a substantial dividend, Citigroup is a value company currently, trading for just 0.48 times book value and less than eight times forward profits. In the first quarter of 2022, renowned investor and financial expert Warren Buffett started purchasing Citigroup stock. As a result, Berkshire Hathaway Inc. (BRK.A, BRK.B) currently holds a roughly $2.6 billion holding in the company. Through June 30th, 2023, Citigroup stock has increased 3.9%.
Amazon, a major online retailer, was listed as one of the top ten stocks to purchase in 2023. The e-commerce behemoth had a terrible 2022, during which time the value of its shares dropped by 50%. The main offenders were cost growth, a tight labor market, supply chain issues, and declining consumer confidence. Nevertheless, the market was far too quick to write off Amazon, whose crowning achievement is its sizable, rapidly expanding, and wildly successful cloud services division, Amazon Web Services. Over $85 billion in income is generated annually by AWS.
Given that Microsoft Corp. (MSFT), a competitor in the cloud services market, trades for about 12 times sales, assigning the same multiple to AWS values, it is at $1.02 trillion. Investors can acquire the remaining parts of Amazon’s enormous businesses, which generated $434 billion in sales in 2022, for about $280 billion at the company’s current estimated value of around $1.3 trillion. With shares up 55.2% as of June 30th, 2023, AMZN has shown to be a wise investment.
A firm’s management team is among the most crucial factors when choosing stocks to buy and hold long-term. And Disney has that in spades with the recent return of longstanding CEO Bob Iger. Before handing up the reins to Bob Chapek in February 2020, Iger—regarded as one of the best CEOs this side of the millennium—presided over numerous enormously profitable acquisitions, including Pixar, Marvel Entertainment, and Lucasfilm. The House of Mouse met expectations for both earnings and revenue in its May quarterly report. Disney+ recently raised its prices,
which lessened the effect of a massive loss in subscribers, primarily from its India site Hotstar. Through June 30th, the cost of DIS has increased by 2.8%.
Despite earnings per share in 2022 of $4.13, more than any year between 2018 and 2020, PayPal, a tried-and-true financial business, is oddly trading for less than its pandemic lows from 2020. Due to a deteriorating macroeconomic environment and the termination of its profitable partnership with eBay Inc. (EBAY), the company’s shares took a severe beating in 2022, falling 62%. Despite a five-year average ratio of 35.5, shares are trading for around 13.5 times anticipated earnings for 2023. PayPal’s lowest price-to-earnings (P/E) ratio between 2015 and 2021 was 20.3.
Adding that cautious multiple to its average projected 2023 earnings of $4.94, the price per share by early 2024 would be $100.28, representing a 50% increase from its close on June 30th at $66.73. PayPal’s presence in physical stores should increase as a result of recently announced agreements with Apple Pay to take Venmo- and PayPal-branded cards, while Amazon now accepts Venmo (which is owned by PayPal), providing PayPal access to Amazon’s sizable online marketplace. PYPL stock fell in May when the firm released less-than-impressive earnings and cut its operating margin forecast for 2023; as of June 30th, the stock is down 6.3% for the year.
7. EOG Resources Inc. (EOG)
EOG is a U.S. oil and gas producer coming off a stellar 2022 in which shares achieved a total return of 56.3%. It was a return pick from the best stocks to buy a list from the previous year. Despite this, shares are still valued as a bargain investment because they trade for less than 10
times projected earnings. The hot energy market is unlikely to soar as it did in 2022, which was afflicted by inflation and war, so growth will probably slow down in 2023, but investors should consider the importance of having an inflation hedge in their portfolios. EOG also has some credibility with income investors thanks to its meager payout ratio of less than 20% and 3% dividend yield. EOG shares have declined as inflation concerns decreased in the first half 2023. Through June 30th, the stock has experienced a year-to-date loss of 9.7%.
8.
This off-the-beaten-path stock is a $8.6 billion Latin American airport operator, another repeat choice from the list from the previous year. ASR, the only industrial firm on this list, offers geographic diversification, is a mid-cap company that only some investors know and is the only industrial company on our list. With a total return of 17% in a bear market in 2022, the stock was a gem in the rough. Of course, the increase in passenger traffic is beneficial: In May 2023, passenger traffic grew 3.2% year over year thanks to gains in Mexico of 6.8% and Puerto Rico of 15.5%, which more than made up for Colombia’s 14.2% decline. Airport managers make money from various sources, including parking, ground transportation, airport retail, advertising, the leasing of gates, and payment of landing fees by airlines. The stock provides a 2% trailing dividend; as of June 30th, 2023, shares have returned 21.6% overall.
9. Taiwan
The next company on the list is Taiwan Semiconductor Manufacturing, a $530 billion company that dominates high-level
foundries manufacturing cutting-edge semiconductors. TSM has a substantial market share for chips 7 nanometers and smaller in the semiconductor sector. Foundries are businesses that produce chips for other companies. One of TSM’s largest clients is Apple, which has started to move its supply chain away from China. The company’s revenue and net profit slightly increased in the first quarter but were still down 18.7% and 30% from Q4 2022, respectively. Although paying a 1.8% dividend and trading at less than 20 times forward earnings, TSM shares have been on fire in the first half of 2023, achieving gains of 36.8% through June 30th.
The beverage tycoon Diageo, with a market cap of around $100 billion, is the last. Diageo, a consumer-defensive business, should be able to withstand a challenging macroeconomic climate because alcohol is often generally recession-resistant. Alcohol customers, like those who use tobacco, have a good amount of brand loyalty, and the corporation enjoys an enviable position in the market thanks to its portfolio of premium brands, which includes Johnnie Walker, Guinness, Tanqueray, Don Julio, Smirnoff, Baileys, Ciroc, and Bulleit. Despite net sales increasing by 21.4% in the fiscal year 2022, the stock decreased by 17.4% last year, along with the overall market. That’s primarily because of its British roots and a challenging year for the pound sterling. That downturn can’t last forever, and shares are currently trading at a discount to their five-year average forward P/E of 24.4, or approximately 19 times ahead earnings. Diageo was added to Berkshire Hathaway’s portfolio in the first quarter of 2023 when Buffett invested around $40 million in DEO stock. Through June 30th, shares of the defensive stock had decreased by 1.8%.
Pooja Shimpi Founder & CEO SyberNow
Pooja Shimpi, Founder and CEO of SyberNow, is an accomplished cybersecurity expert with an extensive academic and certification background, recognized for her valuable contributions and global prominence in the field. Pooja’s remarkable achievements and widespread recognition in the global cybersecurity field are attributed to her Master’s degree in Computer Science and CISSP certifications.
Pooja aims to enhance cybersecurity by addressing human risks, promoting best practices, and advocating for inclusivity and diversity.
Pooja’s Path towards Cybersecurity Expertise Pooja, hailing from a small town in India, landed a campus placement at a prestigious tech firm as the only female candidate from her college, which motivated her to demonstrate her abilities, and led her to develop a strong resolve to prove herself.
Pooja explored different tech roles and domains to enhance her knowledge, ultimately discovering her interest in cybersecurity and dedicating countless hours to improving her skills and understanding the field’s ever-evolving nature and increasing threats.
The daily reports of data breaches and the unfortunate incidents where people lose their life savings to scams deeply dishearten her. Witnessing the emotional and mental trauma caused by these losses, all because of misplaced trust in online entities has motivated her to establish this mission-driven startup.
“I am driven by the powerful belief that the rate of cyber-attacks will continue to escalate in various industries, necessitating a heightened focus on security awareness.
With a strong mission to empower organizations and individuals, our startup aims to provide the necessary tools and knowledge to navigate the digital realm safely and with confidence,” says Pooja.
“So overall the idea for my cybersecurity startup prospered from the recognition of the critical need for cybersecurity awareness and a strong security culture. My education, practical experience, and continuous learning have equipped me with the knowledge, skills, and mindset necessary to be an entrepreneur and leader in the cybersecurity field,” she continues.
Pooja made the life-changing decision to relocate from Singapore to Australia. However, a strong inner calling nudged her towards embarking on her entrepreneurial journey in the cybersecurity domain. Driven by a deep sense of purpose, Pooja swiftly redirected her path, returned to India, and began laying the foundation for her cybersecurity startup - SyberNow
SyberNow: Empowering Minds, Securing Futures! SyberNow embodies Pooja’s vision of empowering organizations with comprehensive Cybersecurity Awareness & Training solutions while placing a strong emphasis on fostering a Culture of security. By leveraging her expertise and passion for training and awareness, Pooja aims to equip businesses with the knowledge and tools needed to mitigate risks and protect their valuable assets in an increasingly hostile digital landscape.
“Our unique approach involves creating engaging and informative 2-3 minute-long animated episodes that effectively teach individuals how to protect themselves from hacking incidents. These episodes are inspired by real-life stories and actual breaches, ensuring their
A determined and passionate leader who transfers insightful cybersecurity solutions to secure futures with resilience
relevance and impact,” says Pooja.
By combining entertainment and education, the company empowers users to make informed decisions and enhance their overall cybersecurity posture establishing an emotional connection. Furthermore, SyberNow will play a significant role in training and addressing the requirements of organizations to foster a culture of improved cybersecurity.
“We will soon implement phishing simulation, tabletop exercises, and other tools to assess the efficacy of this training. This is because improvement can only occur when we measure and evaluate progress,” assures Pooja.
Pooja became deeply drawn to ‘people’ when spearheading Cybersecurity Programs for APAC as an Information Security Officer; even with the best tools and processes in place, the actions of end users could pose significant risks to the organization if they lacked proper training and awareness. With the exponential growth of cyberattacks in the past five years, it has become imperative for organizations to prioritize security awareness training and cultivate a security-conscious culture.
Pooja has a keen ability to understand the complex cybersecurity landscape, identify gaps and challenges, and translate them into innovative solutions. This insight allows her to develop strategies that effectively address evolving threats and provide impactful cybersecurity awareness and training programs.
As the founder and leader of a cybersecurity awareness, training, and culture startup, Pooja bears a range of responsibilities that are essential to its success.
• Setting the company’s strategic direction, defining its mission, and defining its values are her responsibilities. Their target audience’s needs must be aligned with their foundation and vision.
• Pooja is responsible for assembling a talented and passionate team and provides guidance, mentorship, and support to empower team members to excel in their roles.
• She fosters a collaborative and inclusive environment where innovation is encouraged, and ideas are valued. Effective communication and fostering a positive company culture are key aspects of her leadership responsibilities.
An entrepreneur who has built a cybersecurity awareness, training, and culture start-up, she is responsible for setting a clear strategy, building and empowering a talented team, executing a comprehensive business strategy, and fostering a resilient and security-aware culture. Pooja brings insightful thinking, an empowering approach, and unwavering dedication to creating a safer digital world for organizations and individuals.
Pooja is a tenacious leader, her startup journey is filled with challenges, setbacks, and uncertainties. However, she approaches these obstacles with a relentless determination to overcome them.
“Resilience is the one word that perfectly encapsulates my personality. Throughout my journey, I faced numerous challenges and hurdles, often finding myself as the sole female team member. However, I refused to let these obstacles hinder my progress. Instead, I used them as fuel to push myself further and to prove that gender should never be a barrier in the pursuit
of excellence,” says Pooja. “I am resilient in the face of adversity and remain steadfast in pursuing my goals, even in the face of daunting challenges,” she continues.
I strongly believe that passion is the most crucial attribute when pursuing a career in cybersecurity. The dynamic and ever-evolving nature of the cybersecurity field presents new challenges every day, both in the operational and governance realms. While qualifications can provide a solid foundation, practical industry experience is invaluable. Therefore, I encourage everyone to be prepared to dive into hands-on work.
SyberNow undergoing significant changes and growth within the next two years. As the industry continues to evolve and cyber threats become more sophisticated, the company must stay at the forefront of the cybersecurity landscape.
“I see our cybersecurity start-up expanding its services, extending its geographic reach, enhancing its technology capabilities, and fostering collaborations. As the leader, I will guide these changes by staying updated on industry trends, fostering innovation within the team, prioritizing client feedback, and forging strategic partnerships. Through these efforts, we will create a transformation that positions us as a trusted and leading cybersecurity solution provider in the industry,” assures Pooja.
The most efficient cooling tower water treatment solution
Commercial buildings account for 40% of national energy consumption in the United States and 35% of carbon emissions in North America.
There is an overall growing pressure and urgency to transform commercial building operations that consume large amounts of energy and water, and that use substances potentially harmful to the environment and to human health.
Cooling systems, in particular, consume enormous amounts of energy and water in commercial buildings –up to 30% of a commercial building’s overall energy budget and 50% of the water used.
As a result, cooling system efficiency is emerging as the prime area for buildings to improve overall energy and water efficiency and reduce a facility’s carbon footprint.
Commercial building owners and managers are under significant pressure to reduce operating costs associated with running cooling tower systems. In addition, portfolio managers are increasingly charged with improving the energy efficiency and overall sustainability of their building operations.
The EnviroTower technology provides a proven, reliable solution for maximizing energy and water efficiencies while minimizing the environmental impacts of cooling towers.
This solution enables commercial, institutional and industrial customers to drive down their cooling costs through a clean, comprehensive water treatment system which reduces energy and water consumption, cuts carbon emissions and reduces chemical usage in cooling towers. EnviroTower is recognized by leading Engineering and Design firms for its green building benefits and potential to contribute to Leadership in Energy and Environmental Design (LEED) certification.
largest and most demanding commercial real estate organizations through its ability to deliver consistent, measurable results.
The EnviroTower clean cooling tower water treatment solution directly addresses the following critical challenges facing commercial building owners and managers:
▪ Reduce Cooling Costs: With EnviroTower, commercial building owners can achieve immediate, verifiable cost savings from improvements in building cooling system efficiency – due to reductions in energy and water consumption – and cut their facility’s cooling costs by 10 to 20%, or about US$0.15 a square foot (or just over $1.50 per m2).
▪ Maximize energy efficiency: EnviroTower offers superior protection against scaling and fouling buildup. Scaling and fouling can reduce chiller energy efficiency up to 25% in some cases.
The EnviroTower comprehensive water treatment solution has earned the endorsement of North America’s
▪ Reduce water consumption: The EnviroTower removes the hardness limit on cycles of concentration. Water consumption can often be reduced by up to 25 percent depending on the water quality.
expertise to fit the EnviroTower system to the customer requirements, reduction of chiller’s tube cleaning (“punching”), minimal chemical usage, ability to drain blow-down water into storm systems (as to lack of harmful chemicals in the water) and optional system performance monitoring capability.
▪ Protect the environment: The EnviroTower systems produce significant reductions in a facility’s environmental footprint by conserving energy and water use, and reducing the discharge of harmful chemicals into the environment.
▪ Get maximum life span of your equipment: Every time chillers are cleaned and scale is removed (a process known as “chiller punching”) either by chemicals or mechanical brushing or both, some copper is lost from the chiller tubes, resulting in shorter life expectancy of the chillers (vs. estimated life span by the chillers manufacturers). The EnviroTower solution keeps scale build up in the chillers under control, eliminating the need for chiller “punching”.
▪ Improve health and safety: Chemical handling and exposure are a health and safety risk to employees (and owners). The EnviroTower removes the need for handling of harmful chemicals.
EnviroTower is focused on delivering long term customer savings and peace of mind to its customers and is uniquely positioned in the market by its:
▪ Comprehensive solution: More than just a product, EnviroTower technology gives the customer a total solution to protect the chillers and tower in HVAC systems from scale build up, corrosion and biological growth in the water. Key solution elements include full engineering and application
▪ Technical Expertise: EnviroTower has in-depth expertise in water treatment, water chemistry, treatment chemicals, product development, manufacturing, engineering and application knowledge. In addition to the numerous patents on its technology, EnviroTower has a key IP advantage in its proprietary ScaleBuster water conditioning technology as well as knowledge and experience in applying the technology in the field under a variety of conditions. This knowledge has been used to develop a proprietary software model that can analyze a water sample to determine the viability of the solution and operating parameters.
EnviroTower delivers solid financial benefits through energy, water, chemicals and maintenance savings. Calculating and measuring these savings is straight forward. The following tables summarizes an example financial impact of implementing the EnviroTower solution.
Important: The OpEx savings doesn’t include the potential CapEx savings by increasing the life span of the chillers (eliminating or reducing “chiller punching” which shorten life expectancy of the equipment as well imposes health & safety concerns). CapEx improving can be in the range of hundreds of thousands of dollars (US) for the chillers’ life span of 20-25 years!
As companies try to deal with the COVID-19 pandemic’s long-term effects, the potential for a recession, and the rapid pace of growth, enterprise risk management (ERM) has become the focus.
Executives know that more robust ERM programs are required to compete in this new environment. As part of the current risk landscape, businesses must deal with how hazards are interconnected.
According to Alla Valente, a senior analyst at Forrester Research, businesses are becoming even more connected to the partners, vendors, and suppliers operating inside global markets.
The 12 security and risk management trends below change the risk landscape and affect business continuity planning.
1. Risk maturity frameworks combine workflows
Companies are considering a risk maturity framework as risk landscape vulnerabilities grow increasingly interconnected. Other software development frameworks, including the capability maturity model, are comparable to this approach. Handling procedures and technology is essential to reach a mature risk management degree.
competition rather than just preventing bad things from happening.
Valente’s research team has been contrasting the strategies of traditional chief risk officers (CROs), who are hyper-focused on minimizing risk, with those of so-called transformational CROs, who see risk management as a competitive advantage to understand better how threats might impede company strategy and limit income streams.
The financial services industry created risk appetite statements to improve communication with personnel, shareholders, and authorities. A lender must be prepared to take on some level of risk to increase the number of loans available, but they must also have a mechanism in place that will take rapid corrective action if too many borrowers fail to fulfill their obligations.
Businesses need help to implement a risk appetite statement for several reasons successfully. Some CEOs are concerned that a poorly worded statement can be interpreted as endorsing unethical behavior, while others are concerned that it might prevent them from exploring new opportunities.
2.
Enterprise risk management encompasses information technology, third-party contacts, governance risk and compliance (GRC), and financial governance. A complete GRC platform can be an essential integration tier for all risk management tasks, including designing and maintaining policies, performing risk assessments, analyzing risk posture, identifying regulatory compliance gaps, managing and responding to incidents, and automating the internal audit process.
3.
Since the COVID-19 epidemic, many firms now view risk management as a tactic to outperform the
Putting all the risk data together is crucial, but professionals must interpret it correctly. The GRC platform is being used by businesses to create a knowledgeable network of subject matter experts for essential initiatives. The appropriate experts can be quickly enlisted to examine the situation and decide the best course of action in the event of a cross-departmental issue, such as a security incident involving IT, legal, and HR.
Keri Calagna, principal at Deloitte, observed that technologies for actively assessing and managing risks
are advancing. Internal and external Risk sensing systems help deliver risk intelligence that identifies emerging and trending dangers.
According to Calagna, organizations increasingly rely on more integrated technologies that provide a holistic view of risks across the organization, capture leading indicators to show how risks are evolving, encourage accountability for risk-reduction measures, and offer real-time risk reporting to help management make decisions.
7. A meeting between the GRC and the ESG
Another development in business risk management is linking enterprise risk and environmental, social, and governance (ESG) agendas. Calagna believes that scenario planning and assumption testing will become more capable. To encourage cross-functional thinking on risk and explore the influence of potential futures on corporate business planning and strategy, businesses are also implementing simulations, war games, tabletops, and other interactive workshops.
8. CIOs encourage C-level support for ERM
Companies are forced to put resilience ahead of risk management due to the COVID-19 epidemic and the current economic climate. Businesses with comprehensive ERM plans that involve all divisions can quickly alter course. CIOs must bring the
company’s C-suite together to implement successful risk and resilience plans.
9. Extreme weather hazards are more significant than before CEOs and boards will be challenged to implement risk management techniques to safeguard personnel and assets if crises, such as harsh weather, worsen and occur more frequently. The most recent figures show that weather-related calamities caused damages of $145 billion in 2021.
By 2023, according to Mark Herrington, CEO of OnSolve, an AI event management platform, CEOs would need to be trained in risk management to protect their organizations’ assets, personnel, and financial health from the increasingly frequent occurrence of extreme weather.
10. Integrating risk management with digital transformation
75% of executives say that their organizations are extremely complex, particularly in terms of their technology, data, and operating environments, according to PwC’s Digital Trust Insights 2022 survey. Businesses are accordingly putting integrated governance, risk, and compliance (IGRC) strategies into place faster to streamline their risk management processes.
It serves as both a facilitator and a driver for IGRC. To identify risks, evaluate their impact, and devise mitigating methods aligning with
the organization’s risk appetite, chief information officers and IT leaders must collaborate with other management teams. By synchronizing the strategy, people, process, and technology goals along the entire value chain, an integrated governance model can be helpful. This ERM trend ensures that the risk component is included in broader digital transformation efforts.
According to Kumar Avijit, the IT Services practice director at Everest Group, who has heard this development directly from C-suite executives, the demand for risk quantification services within enterprises has increased. These services range from creating unique cybersecurity policies to conducting a complete risk assessment procedure to determine the monetary value of each risk.
12. Improved and contextualized risk monitoring
Avijit is also observing an increase in demand for risk management monitoring solutions tailored for different personas, such as chief information officers, chief business managers, and chief information officers. New risk management goals and requirements that various business users and executives have developed cause this. These tools enhance traditional risk management analytics with drill-down views that provide the appropriate detail.
Rakesh Dighe Founder & CEO Risk Quotient
With a relentless passion to scale new heights in business, Rakesh Dighe, Founder & CEO of Risk Quotient Group (a Risk Management Consultancy with offices in London, Singapore, and Mumbai), is on a mission to transform the Risk Management sector with the use of leading-edge technology solutions.
Rakesh is a UK-qualified Chartered Accountant based in London who specialises in Technology Risk Management. In the course of 20+ years of rich experience working with several multinational corporations around the world, he has designed and implemented risk-based controls frameworks for strategic, operational, and financial business processes, primarily in the Energy sector.
An eternal optimist by nature, Rakesh sees opportunities where others see a meltdown. He is driven by, and derives immense fulfillment from, creating specialized skilled employment and opportunities for professional and personal growth for his people.
Rakesh’s career started in the mid 80s upon obtaining a first class degree from the prestigious Sri Ram College of Commerce at Delhi University, India. Subsequently, after graduating with a distinction from Oxford Brookes University in the UK, he completed a four-year training contract with a firm of Chartered Accountants in London and passed the professional exams at the very first attempt.
“I followed the wise advice of Mr Amal Ganguly, the Chairman of PwC in India and father of my dear friend, Anupam. His wise words were, ‘Go East, Young Man’! So East is where I went, firstly to the Tiger economy of Singapore with plans to go to Hong Kong afterwards. But I never made it to Hong Kong as PwC Singapore offered me a job with an excellent set of colleagues, so I forgot about moving to Hong Kong,” says Rakesh. At PwC Singapore,
he was mentored by Mr Gautam Bannerjee, who was a Partner with PwC and eventually became the Chairman of PwC Asia Pacific and is now the Chairman of Blackstone Singapore.
“In my very first year at PwC, I was promoted twice. I was then asked- as an Assistant Manager- to provide expert accounting evidence in a legal dispute at the Singapore High Courts. This was a first for PwC as only Partners of PwC were allowed to give evidence in Court. Within a year, I became a Manager, which was a coveted position,” he continues.
Rakesh then served a six-month secondment to Shell Singapore from PwC. Impressed by his intellect and diligence, Nick Shorthose- a British Line Managerencouraged Rakesh to apply to Shell for a full time job. Despite being on the ‘Partnership Track’ with PwC Singapore, Shell Singapore’s offer of double the salary and half the working hours was compelling enough for him to make the switch.
Coincidentally, it was just at this time that the Shell Group had started implementing multi-million US-dollar ERP projects globally using the German SAP system. Rakesh was soon inducted into the multinational SAP project team, where he quickly built up his niche SAP skills that were soon in high demand across the 140+ companies of Shell. He was invited to assist project teams in Brazil, Holland and Italy, to name just a few.
Leveraging his much sought-after SAP skills, Rakesh moved to London with Ernst & Young (EY) in 1999 and then to Shell International again. He shuttled between Holland and London, UK for nearly 5 years, taking on increasing regional and global responsibilities. As a consequence, Rakesh has worked in about 34 countries, an experience that has been invaluable as he charts the future course for his entrepreneurial venture.
“The pivotal moment came when I had to leave my cherished role at Shell in 2010 due to medical reasons. I decided then that I would turn life’s challenges into an opportunity with the help of my incorrigibly-exuberant and positive outlook on life, and a very strategic and creative mind,’ says Rakesh.
Rakesh set up Risk Quotient Group with the vision of building a global specialist Technology Risk Management Consultancy Company with its own proprietary suite of software tools in the niche areas of cyber security and business continuity. He identified these as ‘hyper growth areas’ for the foreseeable future, as the digital revolution gained unstoppable momentum.
The dream of a global consultancy with an India story at its heart started coming to fruition with the appointment of Chaitanya Kunthe (CK) as the Chief Operating Officer and heading up India operations, based out of Mumbai. With a hand-picked team of the brightest and best in the market and applying the AGILE project management methodology to cyber security assignments, CK has helped Risk Quotient establish a portfolio of over 100 repeat customers, including some of the biggest brands in the BFSI sector.
CK and I make an unbeatable team who complement each other well and set the tone at the top,”says Rakesh. While he claims to have his head firmly in the clouds, thinking of generating opportunities and strategies to leverage his vast international network and the firm foundations laid by CK and team, he credits CK’s methodical emphasis on delivery and quality for the growth and success the Group has achieved.
with well rewarded employees and strong business principles- no
discrimination policy, women empowerment, no bribes, to name a few- was our motto and operating mantra right from the outset,” says Rakesh. “I have always wanted to give back to society by creating specialised jobs in the emerging economies of the world and to share the gains fairly with the staff.”
“Our unique structure of being a ‘minimalist company’ enables us to provide high value at competitive prices. The open culture and informal work environment Team RQ has created and nurtured ensures a happy team with high productivity levels,” says Rakesh.
According to Rakesh, an entrepreneur needs to think outside the box, embrace change, and be optimistic in all circumstances and situations. They should possess excellent networking skills and be strategic in their thinking with a strong sense of fair play.
He is a strong proponent of ‘Share and share alike’, which is reflected in the policy of Risk Quotient to share the rewards of success with its leadership team. As a result, the company is 100% employee-owned.
As CEO, many of Rakesh’s key responsibilities are people-centric. In fact, he lists the following as his highest priorities:
▪ On-time payment of salaries for employees (zero tolerance for delays or errors).
▪ Position HR and other complementary policies to bring out the best in employees, leading to happy employees and customers.
▪ Shape group strategy, communicate, and empower employees to deliver on strategy.
▪ Keep the group compliant with local and international laws in the true spirit of honesty and Integrity
(do the right thing even when no one is looking).
▪ Implement a ‘Fast Track Program’ for younger team members, where Risk Quotient promotes promising resources every six months and inducts them into the Leadership Team in record time.
Rakesh believes that providing comprehensive services in cyber risk quantification to insurance companies offering cyber insurance policies presents a huge opportunity for Risk Quotient. In his 3-year business plan, he sees the company rapidly transforming itself from a pure services organization to a product-led one, with an array of world-class software tools which include AI driven tools.
He also intends to rapidly expand internationally and enhance the excellent network of supporters in West Africa, Malaysia, Singapore, the Middle East, and India. Risk Quotient is already seeing early successes in its West Africa market entry and bright prospects in ASEAN markets.
Rakesh envisions the use of appropriate government support through agencies like Enterprise SG and tap into the unique skills and networks these offer to drive Risk Quotient’s growth. Rakesh is also considering external funding options to fund future growth and scale the business driven by its Saas-model products that are already gaining traction in markets like India, Ghana, UAE, and Malaysia.
‘If I had a crystal ball I would say the biggest opportunity for Risk Quotient is to be the bridge between cyber security and cyber insurance. Both are niche areas that will continue to see explosive growth.”
Iam a Risk Management practitioner with close to a decade’s experience in various countries such as India, Saudi Arabia, UAE, Bahrain, Qatar, Oman, Jordan, Egypt, Sri Lanka, Kenya, Tanzania, and Rwanda to name a few. I have a bachelor’s degree in engineering and a post-graduate degree in Banking and Finance from NIBM India. While I’ve worked with Banks and Financial Institutions across the globe, most of my work experience has been in the Middle East.
This article aims to shed light on the importance of leadership in spearheading the transformation of financial risk management in Middle Eastern banks. By adopting innovative strategies and leveraging technological advancements, banks can navigate uncertainties and position themselves for sustainable success.
The Banks and Fis in the Middle East have long played a crucial role in the region’s economic growth and development. As the global financial landscape continues to evolve, Middle Eastern banks face unique challenges in managing financial risks effectively. In the light of emerging market trends (particularly, the changing energy economics and related dynamics) and technological advancements, forward-thinking leadership is required to bring about transformative changes in financial risk management practices.
Transformative leadership entails fostering a culture of risk awareness across all levels of the organization. Leaders must instill in their teams a deep understanding of financial risks, their implications, and the importance of proactively managing them. By promoting a risk-aware culture, Middle Eastern banks can avoid complacency and build resilience in the face of market fluctuations and geopolitical uncertainties.
The landscape of financial regulations is ever-changing, presenting a challenge for banks in the Middle East; recent regulations on IFRS 9 and Internal Liquidity Assessment etc. are a good example of the same in the region. Transformative leaders must adeptly navigate these regulatory challenges by staying abreast of updates and proactively implementing compliance measures. By doing so, banks can build trust with stakeholders and enhance their reputation in the global financial community.
In the age of digitalization, leveraging cutting-edge technology and data analytics is crucial for effective financial risk management. Forward-thinking leaders must invest in the state-of-art risk management systems, artificial intelligence, and machine learning to identify and mitigate potential risks in real-time. These tools can provide
valuable insights, enabling banks to make informed decisions and optimize risk-reward trade-offs.
While proactive risk management requires banks to assess their resilience under adverse conditions, it also demands an extensive infrastructure to operationalize the same. Again, the transformative leaders should encourage the implementation of stress testing and scenario analysis to evaluate the impact of potential economic downturns, geopolitical events, and market shocks. These simulations can help banks build robust risk management frameworks and strengthen their ability to weather unforeseen challenges. Recent regulations by the regulators in UAE and Bahrain are a good example of how quickly the region is catching up with its western counterpart.
The Risk Management initiatives, like any other critical program within an organization, require massive upskilling of the resource pool, both existing as well as incoming. Also, Innovation and transformative change too are best achieved through diverse perspectives and skill sets. Leaders must prioritize talent acquisition and development to create a workforce equipped with the knowledge and expertise to manage complex financial risks effectively. Cultivating a culture of continuous learning and providing employees with growth opportunities will empower them to adapt to evolving risk landscapes. To tackle this bank are actively adapting the dual strategy of uplifting the local resource pool to fill the existing skill gap in the medium and long term, while also drawing the best of international resources for the specialized functions.
On a different front, we also observe the collaboration between the banks, regulatory bodies, and global financial institutions in the region. Transformative leaders are fostering collaborative partnerships to share best practices and exchange knowledge. The key objective of these collaborations is to collectively address regional and global financial challenges.
Finally, the Middle Eastern banks stand at a pivotal juncture where transformative leadership can drive the evolution of financial risk management practices. By embracing a risk-aware culture, leveraging technology and data analytics, navigating regulatory challenges, and fostering collaborative partnerships, banks can position themselves as resilient and dynamic institutions in the face of a rapidly changing financial landscape. The journey towards effective financial risk management begins with visionary leaders committed to embracing innovation and steering their organizations towards a prosperous future.
In this piece, we examine the features, benefits, and factors to take into account when hiring independent contractors and virtual assistants for business help. Along with the variables to consider regarding project duration, money, skill requirements, and communication preferences, we also address the experts’ expertise, adaptability, and cost-effectiveness. By comprehending the distinctions and assessing your particular demands, you may decide if freelancers or virtual assistants are the best fit for your company.
It can be challenging to decide whether to hire virtual assistants or freelancers when you need support for your business. Both alternatives provide flexibility, knowledge, and cost efficiency, but it’s critical to comprehend how they differ and choose the one that best suits your business needs. To aid you in making an informed choice for your company, we’ll examine freelancers’ and virtual assistants’ traits, benefits, and factors in this article.
Independent professionals who take on projects as freelancers frequently provide their services to several clients at once and possess various talents. You can access specialized skills for a particular task or project by hiring a freelancer without making the long-term commitment of a regular employee.
Expertise: Freelancers are helpful resources for activities requiring specialist knowledge since they frequently have specialized knowledge and specialized abilities.
Flexibility: When working with freelancers, you can scale their engagement according to your company’s needs by hiring them as you go.
Cost-effectiveness: Since freelancers are not your paid workers, you are not obligated to cover their payroll expenses or other overhead expenses.
Vast talent pool: Online markets and freelancer platforms give you access to a global talent pool, making it possible to discover the ideal professional for your project.
Project management: It’s crucial to use excellent project management when dealing with independent contractors to ensure clear communication, on-time delivery, and alignment of expectations.
Availability: Since freelancers frequently work with numerous clients at once, it’s crucial to establish availability and deadlines in advance to ensure clarity.
Building long-term relationships: While freelancers might be great for quick assignments, because of their availability and obligations to other clients, it may be challenging to establish a long-term connection and work consistently together.
Conversely, virtual assistants are dispersed experts who offer corporate clients administrative, organizational, and other support services. They are capable of performing a variety of responsibilities, including managing social media accounts and email correspondence and organizing appointments.
Saving time: By doing ordinary administrative work, virtual assistants give up your time to concentrate on more essential elements of your organization.
Versatility: Virtual assistants frequently possess a broad range of skills, allowing them to help with a
variety of activities, including data entry, customer assistance, research, and more.
Assistance from a dedicated professional: By hiring a virtual assistant, you have access to a committed worker who is familiar with your company and can offer ongoing help.
Cost-effectiveness: Virtual assistants frequently provide flexible pricing options, letting you pick the level of assistance that fits within your spending limit.
Building trust and Trustworthy communication: Since virtual assistants collaborate remotely, developing trust and keeping lines of communication open are essential for productive teamwork.
Onboarding and training: Some virtual assistants could need initial training and onboarding to become acquainted with your company processes and systems, depending on the activities’ complexity.
Differences between time zones: Setting clear expectations for availability and communication is crucial when working with virtual assistants from different time zones.
The following variables should be taken into account when deciding if freelancers or virtual assistants are the best choices for your company:
Project duration: Employing a freelancer may be the best option if you have a short-term project that calls for particular talents. On the
other hand, a virtual assistant can offer dependable support if you require continuing assistance with typical administrative duties.
Budget: Evaluate your financial situation and decide whether you need ongoing assistance from a virtual assistant or only sporadic freelance knowledge. Analyze each option’s long-term worth and cost-effectiveness.
Requirement of Skills: List the precise knowledge and abilities needed for the current tasks. When compared to virtual assistants, freelancers frequently provide specialized talents.
Preferences for communication and collaboration: Consider your preferences for communication and teamwork with the people who will help you. While virtual assistants are frequently more involved in continuing day-to-day operations, freelancers may require more project management.
Conclusion
Virtual assistants and freelancers are both excellent options for business help, but which one is best for you ultimately depends on your unique requirements and situation. To make an informed choice, consider the benefits, factors, and considerations described in this article. Whether you select virtual assistants or freelancers, utilizing their knowledge and assistance can help your business grow while letting you concentrate on your key talents.
